Bill > HB123

This bill introduces several key provisions related to timber taxation and carbon sequestration in New Hampshire. First, it defines "pre-sequestration timber tax revenue" as the average timber tax revenue a municipality received in the 5 years before a landowner enters a carbon sequestration program, and allows landowners to make a payment in lieu of taxes equal to the difference between this pre-sequestration revenue and the actual timber tax paid. Second, the bill establishes a moratorium on carbon sequestration contracts for landowners with parcels over 500 acres between July 1, 2025, and November 1, 2027. Third, it creates a comprehensive study commission composed of state legislators, government officials, and representatives from various forestry and industry associations to investigate the impacts of carbon sequestration on forest management, local and state tax revenue, the logging industry, and other related economic and environmental factors. The commission is required to submit a detailed report with findings and recommendations by November 1, 2027. The bill aims to carefully examine the potential consequences of carbon sequestration programs on New Hampshire's forests and local economies before allowing further expansion of such initiatives.

Agriculture and Natural Resources, Budget and Finance, Government Affairs

https://gc.nh.gov/bill_status/legacy/bs2016/bill_docket.aspx?lsr=0100&sy=2025&sortoption=&txtsessionyear=2025&txtbillnumber=HB123